Moody's changes Aenova view to negative

Moody's Investors Service said it affirmed the B3 corporate family rating and B3-PD probability of default rating of Apollo 5 GmbH (Aenova).

At the same time, Moody's affirmed the B3 instrument ratings of the €565 million senior secured first-lien term loan B and the €50 million senior secured revolving credit facility, borrowed by Aenova Holding GmbH.

The outlook has been changed to negative from stable.

“The change in outlook to negative primarily reflects the quick deterioration of key credit metrics, including EBITDA and liquidity, and the agency's expectations that Aenova's Moody's-adjusted free cash flow (FCF) will remain negative over the next two years, because of higher interest expense and still high capital expenditure requirements, even if the company delays some of its projects,” Moody’s said in a news release.

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